BELIZE CHANGES under the Business Companies Act for IBC
Please note that all Belize companies will need to be re-registered. The reason for the re-registration is due to the repeal in the IBC Act. These companies will now be governed under the Business Companies Act. This takes place from November 28th, 2022 when the registry re-opened. There is no transaction that will be processed unless the company has been re-registered.
If renewal is done after November 28th, 2022, it will entail filing of an Annual Summary upon renewal. Please note that Annual Summary is not to be confused with Annual Tax Return. The Annual summary to be filed by all companies is a confirmation of directors and shareholders of the company and to ensure that any changes made are recorded properly with the registry. Meanwhile, the Annual Tax Return of the company is a mandatory filing of the company’s finances with the Belize Tax Services. All Belize Companies must obtain a Tax Identification number.
In addition, Economic Substance Position and Annual Tax Returns must be filed annually. It is the client’s sole responsibility to provide us with the forms duly completed in accordance with the below-mentioned dates:
ANNUAL TAX RETURN: second basis year-The 2023 annual tax return shall account for the tax periods January 1st 2022 to December 31st 2022 of the 2022 basis year, which becomes due March 31, 2023.
ECONOMIC SUBSTANCE: second fiscal year- commenced April 30, 2021 and ended April 2022. These Companies have 9 months after this date to file its economic substance position, which concludes to January 30, 2023.
TAX EXEMPTION: companies wishing to file tax exemption, kindly provide us with the following before January 30, 2023:
- Form E
- Annual Confirmation of Tax Exemption
- Tax certificate or letter from the relevant tax body in which tax residency is being claimed.
NOTE: PENALTIES ARE INCCURED FOR LATE OR NON- FILING
The above is for informative purposes only. Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information.